ANNOUNCEMENT 02 May 2022

In April 2022, the Russian government announced that it would provide additional support to the GAZ automobile plant in the form of a subsidised loan.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

The Government of the Russian Federation, Decree N.1071-r (29.04.2022). Retrieved on 05.05.2022: http://government.ru/news/45318/

Inception date: 02 May 2022 | Removal date: open ended

State loan

On 2 May 2022, the government of the Russian Federation published Decree N.1071-r announcing an additional RUB 10 billion (approx. USD 141 million) subsidised loan to the Russian GAZ automobile plant. Previously, the Russian government had announced a subsidised loan program for companies of systemic importance to the national economy, under which the GAZ automobile plant received RUB 10 billion (see related state act for more information).

According to the Decree N.1071-r, the government has deemed that the original RUB 10 billion subsidised loan does not meet the current needs of the GAZ automobile plant. As a result, the GAZ automobile plant is now, in total, receiving RUB 20 billion (approx. USD 282 million) in government subsidised loans. The terms of the new loan are identical to the original RUB 10 billion loan.

AFFECTED SECTORS